We started our IVA 11.01.11 so tomorrow marks the 6 year anniversary so am I right in thinking it should drop off our credit file?
We paid 5 years and had no equity to release then received our CC in 2016.
First you need to check that the default dates are correct -- they should be no later than the start of the IVA, as the 6 years for them start at that date.
The IVA will drop off at 6 years, but will take a few weeks to filter through to the reports you get with Noddle and Clearscore. Here is what I was told by Noddle -- who are extremely helpful, by the way:
Your Noddle credit report is not updated instantly to reflect changes that have been made and instead refreshes every 30 days. Any changes that take place in the interim period are displayed in your new report.
Many changes are dependent on us receiving an update from your lenders, which happens every 4-6 weeks. This coupled with the 30 day refresh period, means that changes can take up to 10 weeks to be reflected in your Noddle report.
It’s worth noting that, even if your Noddle report hasn’t been refreshed, the main database will be updated as soon as we’re made aware of any changes. Therefore, if any searches are made on your file, lenders will see the most up to date information we have.
Thank You Foggy for a very comprehensive answer, I'll keep an eye on our credit reports and hopefully before long our IVA won't be displayed, we've already obtained a credit card each and are using them and clearing the balances each month to gain our green ticks, hopefully in time we could address our mortgage, we desperately need to spend some money on our house, something which is virtually impossible during the IVA!
Hi Carl.ph
My 6 yrs was up in march 2016. I waited till May and then checked my credit files. Noddle and clearscore are free for life. I also paid for the one off credit report ftom Experian and Equifax which cost £2. I had issues with Yorkshire bank not dropping off but after a few polite phonecalls to Yorkshire bank they apologised and removed it. The following month all was clear.
As for credit since 6th year anniversary, New mobile phone contract sorted, credit card sorted ( little and often ) obtained a New mortgage with First Direct but also had a mortgage offer from HSBC at a brilliant rate. ( found that these were the only two banks offering mortgages to people ex IVA)
So my credit score has improved dramatically since my IVA has disappeared from my credit report, will check Noddle in around 2 weeks when my next report is due....
So my credit score has improved dramatically since my IVA has disappeared from my credit report, will check Noddle in around 2 weeks when my next report is due....
Have a quick look at my latest blog entry
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So my credit score has improved dramatically since my IVA has disappeared from my credit report, will check Noddle in around 2 weeks when my next report is due....
Quick update:
Noddle December 2016 557
Noddle January 2017 608
So I'm guessing I should pay the £2 to the other credit company's to see if their reports have improved like ClearScore & Noddle?
It won't hurt to either sign up to the free 30 day trial (remember to cancel!) or just pay £2 I think it is for a paper record for each one.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
